Retirement Planning Services
The amount of capital required to fund a comfortable retirement is enormous, and the tax considerations in accumulating and spending it are paramount. Proper planning can make the difference between financial independence and poverty. You can guide your clients by preparing retirement income projections and retirement savings plans, and developing strategies to meet their retirement objectives.
For clients who are years away from retirement, you can determine whether the savings that they are accumulating will be adequate to provide the funds that they will need each year during retirement. If the current savings are not adequate, you can identify the amounts of savings that are required; whether in the form of RRSP contributions, pension benefits, or tax-paid capital.
For clients who are approaching retirement, you can assist them in deciding whether to take pension benefits as a pension income or as a lump-sum transfer to a locked-in retirement account.
For clients who are approaching retirement or already retired, you can determine the standard of living that they can maintain during retirement with the savings that they have accumulated. You can also identify when and how much to withdraw from RRSPs, locked-in retirement accounts, and tax-paid capital during the retirement.
BENEFITS TO USING THE SOFTWARE
The Canadian Retirement Planner's Software™ lets you efficiently and quickly prepare a sophisticated retirement plan, including text.
Extend Your Professional Services - Enables you to provide a valued and sophisticated service at a very low cost. This cost-efficiency allows you to offer this specialized service to clients who previously would have found it beyond their means and enables you to expand your practice. You have an inexpensive software solution to meet your needs for years to come.
Meet the Specific Needs of Your Clients - Readily performs thousands of calculations to enable you to respond to client needs and present concrete tax planning strategies - the impact of inflation, appropriate uses of TFSAs, spousal RRSPs, locked-in accounts, income tax considerations, allocation of assets and pension incomes between spouses, life or term annuities.
Meet Professional Standards - The plans produced by the Software comply with the emerging professional standards for personal financial planning including those for future oriented financial information. Audit trails show the accumulation of savings and projection of retirement incomes to ensure the integrity of the results.
- Fully Supported - Updated at least twice yearly to incorporate changes in the Income Tax Act and to add features requested by users. Ongoing technical support is just an email away!
- Audit Trails – Provides audit reports that show the year-by-year accumulations and use of savings to provide retirement funds, so you do not have to rely upon the integrity of complex formulas.
- Guidance - Includes comments explaining information that enter and information that appears on various reports.
- Sophistication - Enables you to prepare a sophisticated plan that takes into account the complexities of retirement planning and meets the needs of clients.
- Spouses - Enables allocation of assets and pension incomes between spouses, prepares separate income projections, and income tax calculations, and uses an integrated strategy for use of investment assets.
- Strategy - The tax impact of using non-tax-deferred savings to provide retirement funds is quite different from using RRSPs. The Software uses a strategy to allocate funds to take advantage of tax deferral and income splitting opportunities.
- Income Taxes - With progressive tax rates in Canada and taxation of all proceeds from an RRSP, the tax burden is a critical consideration in retirement planning.
- Pension Income Splitting - Calculates the amount of pension income to split between spouses to minimize their income taxes and preserve Old Age Security.
- Inflation and Indexing - Enables you to specify inflation and indexation rates and calculates their impact. The impact of inflation on retirement planning is frightening.
- Retirement Savings - Prepare retirement savings plans for those who are some years away from retirement.
- Post-Retirement Income - Prepare sophisticated projections of retirement income to determine how financial resources can best be used to provide retirement funds.
- Income Projections - Prepare projections of retirement income based upon current savings or based upon the additional savings required if the amount is saved by the client or the spouse in an RRSP, TFSA, or as tax-paid capital.
- Sustainable Income Levels - Enables you to determine the maximum sustainable income level. The question in the minds of those considering early retirement and those who are already retired is “How much can I afford to spend?”
- Tax-Free Savings Accounts - Determines contribution room, carry-forwards, and appropriate drawdowns of funds.
- RRSP Savings Plan - Determines earned income, pension adjustments, maximum RRSP contributions, RRSP carry-forwards, and appropriate use of Spousal RRSPs.
- RRSP Maturity Options - Enables you to assess investment alternatives of RRIFs, life or term annuities, and Advanced Life Deferred Annuities.
- Locked-in Funds - Calculates minimum and maximum withdrawals from Life Income Funds and specify age to start drawing maximum from funds.
FEATURES AND COMPONENTS
Raison D'être - The mission for the Software is to enable you to efficiently produce high quality retirement plans using computer technology.
Graphics - The Software produces financial graphics to enable you to readily understand the financial situation and the results of your considerations.
Audit Trails – Provides audit reports that show the year-by-year accumulations and use of savings to provide retirement funds, so you do not have to rely upon the integrity of complex formulas.
Calculations - The Software automates the preparation of projections of retirement income and the calculations of the additional capital required at retirement. It provides a menu of commands to enter assumptions, view the results, print reports, and prepare draft plans.
Guidance - Includes numerous comments explaining information that enter and information that appears on various reports.
Questionnaire - A questionnaire is included with the Software.
“We have used Gobeil’s Canadian Retirement Planner’s Software since 1991. It is an easy-to-use program to help our clients understand where they stand with regards to achieving economic independence and peace of mind. By entering in some basic variables, we can quickly generate reports to show our clients different planning scenarios. The software is updated regularly to reflect changes to both federal and provincial tax rules. If you are looking for a program to quickly generate planning scenarios for your clients, this is the one for you.” Matthew D. Humes, B.Comm., F.Pl. Quebec. DD Humes Financial Services – Investia Financial Services Inc.
The Canadian Retirement Planner's Software™ is a trademark of D. R. Gobeil & Associates Ltd.